US Stocks Rebound on Powel's Remarks
US stocks saw a volatile day on Friday, as Wall Street recovered from earlier losses amid ongoing uncertainty driven by President Trump’s trade policy.
The S&P 500 gained 0.6% and the Nasdaq Composite rose 0.7%, while the Dow Jones added 222 points. Stocks reversed losses after Fed Chair Powell said that the central bank is in no rush to cut interest rates, but the overall economic outlook remains clouded by trade tensions and policy uncertainty.
Still, economic data showed mixed results as weaker-than-expected jobs report showed nonfarm payrolls rising by 151K in February while the unemployment rate edging up to 4.1%. The uncertainty surrounding Trump's trade policies also added to the market jitters, despite his temporary exemptions on tariffs for goods from Canada and Mexico. Broadcom rose 8.4% after posting upbeat results, while Costco plunged 7% on weak earnings.
Market posted its worst week since September, with the Dow and S&P 500 down more than 2%, and the Nasdaq lost 3%.
Source: FXsteert
